Cora Gold Ltd shares surged 33% following the Mali government’s partial lifting of its mining permit moratorium, which had been in place since late 2022. Starting 15 March, applications for permit renewals and transfers will be processed, allowing Cora to proceed with its Sanankoro Gold Project. The stock climbed to 4.13p amid this positive news.
Cora Gold Ltd (AIM:CORA) experienced a significant increase in its share price, rising by 33% during early trading on Monday. This surge followed the announcement from the Malian government concerning the partial lifting of its moratorium on mining permits. The freeze, which had been in effect since late 2022, impeded new mining titles and transfers, resulting in uncertainty for local companies.
Beginning on 15 March, Mali’s mining authorities will recommence the processing of applications for permit renewals, transitions from exploration to mining, and transfers of current operating permits. Nevertheless, the moratorium on new mining titles and transfers for exploration permits will remain in force.
This development represents a significant opportunity for Cora Gold. The company’s prominent Sanankoro Gold Project in southern Mali had previously faced delays due to the permitting issues. With recent permit re-drawing efforts finalized, Cora intends to apply for a mining permit that encompasses crucial sections of its Sanankoro license area. The objective is to expedite the development of an open-pit oxide gold mine promptly.
As a result of this positive news, Cora Gold’s stock rose by 1.3p, reaching a trading price of 4.13p.
The recent announcement from the Mali government regarding the partial lifting of the moratorium on mining permits has had a favorable impact on Cora Gold Ltd, leading to a 33% increase in its share price. This change enables the company to advance its Sanankoro Gold Project by applying for necessary mining permits. While the moratorium on new titles remains, this development signifies a crucial step forward for Cora Gold and the mining sector in Mali.
Original Source: www.proactiveinvestors.co.uk
